Other Major Purchases

The average cost of an American wedding is pushing $30,000. Where do people come up with that kind of cash?

Matt and I are tying the knot in T-minus 25 days. We're trying to close on a house in T-minus 29 days. Egad!

The house we're looking at is listed at $240,000. That's a lot of money for not a lot of house (2 bedroom, 1 bath). But it's in a convenient location (hooray for trying to decrease our carbon footprint), and it's a historical bungalow (circa 1930).

Let's say we get the price down to $230,000. If we bring 20% for a down payment (so we can avoid taking out a second loan and also avoid paying PMI), then that's a shocking $46,000. Next, to add insult to injury, we have to pay all sorts of things at the same time: inspections, an appraisal, mortgage lending company fees, insurance, many months of taxes, etc. So, we need to show up at the closing with $53,549.53.

Sheesh!

How in the world (or should I ask, "Why in the world?" do people spend so much on weddings when there are other major purchases to make (that last longer than one day)?

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